As the interest in blockchain technology increases, there is an increase in the number of senior developers working in this field. The entry of better quality software developers into the industry leads to the emergence of new platforms. Since all codes are open in the blockchain space, new platforms have the chance to build new ideas on top of the previous generation.
Etheruem, the first layer blockchain network, is currently working with cryptocurrency mining, so the number of transactions per second in this network is only 15. However, this number can reach up to 65 thousand in networks working with the Proof of Stake model. Ethereum launched the Ethereum 2.0 update to close this vulnerability. But right now, competitors are trying to take advantage, as scaling is crucial for DeFi applications.
Cardano, which is shown as the most important competitor of Ethereum, has not yet entered the DeFi field because it lacks the smart contract feature. However, smart contracts will be added to this network after the Alonzo update, which is scheduled to launch on September 13. The Alonzo fork, which is currently in testing, is being tested by around 500 different platforms.
Solana, Terra, and Avalanche
They started adding DeFi platforms to Solana, Terra and Avalanche networks, the next-generation first-layer blockchain networks that both feature smart contracts and work with the Proof-of-Stake transaction confirmation model. Creating an Intel-powered bridge to communicate with Ethereum, Avalanche has connected with DeFi platforms on the Ethereum network.
Announcing its partnership with Curve and AAVE this week, AVAX managed to gain fivefold this month. The amount of crypto money locked in a few days in BENQI pools launched this week on the Avalanche network has reached $1 billion. Just like Avalanche, Solana and Terra also managed to double their value this month.
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